Idenfify if a company is a going concern

Analyse financial statements, financial information and the outlook of the company in order to determine the going concern of the company.

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skill/competence

sector-specific

Idenfify if a company is a going concern is an essential skill of the following occupations:

Accounting manager: Accounting managers assume responsibility for all accounting activities relating to financial reporting. They develop and maintain accounting principles and procedures to ensure timely and accurate financial statements issued, supervise accounting staff and manage the accounting activities within the appropriate time frame and budget.

Idenfify if a company is a going concern is optional for these occupations. This means knowing this skill may be an asset for career advancement if you are in one of these occupations.

Financial auditor: Financial auditors collect and examine financial data for clients, organisations and companies. They ensure the financial data is properly maintained and free of material misstatements due to error or fraud, that it adds up, and functions legally and effectively. They review lending and credit policies or numbers in databases and documents, evaluate, consult and assist the source of the transaction if necessary. They use their review of the client’s financial governance as assurance to give testimony to the shareholders, stakeholders and board of directors of the organisation or company that all is up to par.
Financial manager: Financial managers handle all the matters in reference to the finance and investments of a company. They manage financial operations of companies such as the assets, liabilities, equity and cash flow aiming to maintain the financial health of the company and operative viability. Financial managers evaluate the strategic plans of the company in financial terms, maintain transparent financial operations for taxation and auditing bodies, and create the financial statements of the company at the end of the fiscal year.
Corporate treasurer: Corporate treasurers determine and oversee the financial strategic policies of a company or organisation. They use cash management techniques like account organisation, cash flow monitoring, liquidity planning and control, risk management including currency and commodity risks and maintain close connection with banks and rating agencies.
Financial fraud examiner: Financial fraud examiners undertake anti-fraud investigations including financial statement irregularities, securities fraud and market abuse detection. They manage fraud risk assessments and prepare forensic reports including the analysis and verification of evidence. Financial fraud examiners liaise with regulatory bodies.
Risk manager: Risk managers identify and assess potential threats and risks to a company, and give advice on how to deal with them. They create preventive plans to avoid and reduce risks, and put plans in place for when the company is threatened.
Accounting analyst: Accounting analysts evaluate the financial statements of clients, usually companies, which include the income sheet, the balance sheet, the statement of cash flows and additional notes to other financial statements. They interpret and implement new accounting systems and accounting procedures and will analyse and determine if the proposed systems conform to accounting regulations and meet user information requirements.

References

1. Idenfify if a company is a going concern – ESCO